Did you know that nine out of ten startups fail? Hopefully that won’t prevent you from pursuing your dream and launching your own business. Instead, it should be a wake-up call to be a bit smarter when deciding to take this monumental risk.
For example, you can start your own business while still holding down a full-time job. The benefit of this is that you can still have an income to rely on until your business takes off. And, you can accomplish that by following these pieces of advice.
Validate Your Idea
You obviously have an idea, or else you wouldn’t be thinking about leaving your job to launch your own business. But, how do you know that people are willing to spend money on your product? While you still have income, do market research, scope out competitors, talk to prospective customers, and get a basic prototype out there so you can receive feedback.
Your product doesn’t have to be perfect now. You’re just looking to see if there is a market for your startup to succeed.
Put the Wheels in Motion
The good news is that you’ve discovered there is a viable market for your product or service. Now it’s time to get the wheels in motion and get your startup moving forward. This typically means you need to start working on the following:
- Business plan – This doesn’t have to be formal, and should consistently worked on. It should be used as a reference to guide your business directions.
- Register your business – This will protect you legally and help you make the proper business and tax requirements.
- Open a business bank account – You don’t want to mix personal and business expenses.
- Claim a URL – Snag a domain name, preferably one named about your business name and is short and memorable.
- Start branding – Get active on Facebook, Twitter, LinkedIn and start working on content like blog posts to start drawing attention to your startup.
- Let your employer know – For now, tell them that is a hobby and that it will not interfere with your current position.
Get Creative With Your Time
When you’re working full-time and trying to start your own business, time management becomes extremely important. If you’re able to get out of the office during your lunch break to a nearby coffee shop, then you could use that time to conduct research, network with potential customers and influencers, write a blog post, or learn all you can about your industry.
Instead of using all of your vacation time and just sleeping-in, why not take a couple a days off and attend an industry events or meet with clients? While you have nights and weekends to work on your startup, you won’t always be able to schedule a meeting during those times.
Make Good Use of Your Salary
One of the main advantages about launching a startup while working full-time is that you can reduce the amount of money you have to borrow. While still employed you can take some of your paycheck and invest in the tools and resources your startup will need to get up and running.
You could also save a portion of your income to keep either your business afloat or pay personal expenses without having an income. Whatever you direction you decide to go, you can make good use of salary. However, be wise with your spending. There’s no need to spend money on something unnecessary like an office or warehouse while you’re still in the development phase.
Develop Your Product or Service
Another advantage to keeping your current job is that you can continue to keep developing your product or service until it’s almost ready for market. For example, you could build a prototype and test various elements, such as materials and colors, until your product is ready to be manufactured. It also gives you additional time to describe your product more effectively and spread the word.
Keep in mind that it may take a lot longer for vendors or manufacturers to deliver the final product.
Build Your All-Star Team – Interns Work Too!
As you continue to work on all of the pieces involving your startup, you can also start on building your team. Whether it’s finding a passionate partner to alleviate some of the stress, a talented web developer or an assistant to help you manage social media accounts and schedule meetings, you can take this time to locate not only skilled individuals, but people who you also click with.
If you want to save some extra cash, you can use interns to handle more of the tedious tasks while you focus on the more important stuff. You can find interns by contacting the career center of your Alma matter or by registering on Internships.com.
Find Customers
Whether it’s attending trade shows, networking at events, creating content, or connecting with them on social media, you should spend your free time trying to acquire new customers – and don’t be afraid to ask them for referrals. Even just a handful of customers could be enough of a base to support your business when do you finally decide to leave your full-time job.
Treat Your Current Employer With Respect
Even though you have this new business on the side, you can’t forget that you’re still employed. This means that you need to remain a professional until your last day of work. Make sure you don’t work on any of your startup work while at the office, use any of your employer’s resources or equipment, and still give them your all. Not only is that fair to your employer, they may also become an ally when you finally do start out on your own.
Have an Exit Strategy
It’s not feasible to keep juggling two jobs, and eventually you will have to leave your full-time job. Before leaving prematurely, establish which goals are required for you to finally leave your current position. It could be anything from having enough funding to a certain number of customers. Once you’ve met those goals, you can begin to focus on your start-up full-time.
When it is time to quit, you should send your boss a formal letter of resignation and meet with them personally where you can thank them for the opportunity. Again, ending things on a positive note is not only the professional thing to do, you may also receive some recommendations or assistance from your former supervisor.
Have you ever launched a start-up prior to leaving your job? If so, how did you make that work?